World markets mostly down … Trump claims serious negotiations with China coming … US lobster industry takes a big hit
TOKYO (AP) – Shares mostly fell today after the latest escalation in the U.S.-China trade war renewed uncertainties about global economies, as well as questions over what President Donald Trump might say next. Asian markets closed down, including Japan’s benchmark Nikkei, which dropped 2.2%. In early trading, France’s CAC 40 recouped early losses to inch up nearly 0.1%, while Germany’s DAX fell nearly 0.2%. But U.S. shares are set to recover with Dow futures up 0.2% and S&P 500 futures up nearly 0.2%.
BIARRITZ, France (AP) -President Donald Trump claims that serious negotiations with China will begin after the U.S. received two “very good calls” from Beijing. Trump says “we are going to start talking very seriously.” That statement was made hours after Trump waffled on whether he regretted the one-upmanship on tariffs Friday. Trump has been under pressure to scale back a U.S.-China trade war partly blamed for a global economic slowdown.
BEIJING (AP) – China has allowed its yuan (yoo-AHN’) to sink while President Donald Trump says the U.S. and China will talk “very seriously” following tit-for-tat tariff hikes. A weaker yuan would help Chinese exporters cope with Trump’s punitive duties in a war over trade and technology. Beijing allowed the yuan to decline to an 11-year low against the dollar after both sides announced new tariff hikes and Trump said he would order American companies to stop doing business with China.
PORTLAND, Maine (AP) – The U.S. lobster industry has taken a hit ever since China placed heavy tariffs on American lobster, and many other food products. This year through June, the U.S. exported to China about 80% fewer lobster than the same period the year before. Meanwhile, in Canada, the lobster business is booming because China is buying. Canadian exports to China through June were already approaching 33 million pounds, which is nearly as much as all of 2018.
TEHRAN, Iran (AP) – Iran says the 2.1 million barrels of crude aboard an Iranian oil tanker pursued by the U.S. has been sold to an unnamed buyer as the ship continued its voyage in the Mediterranean Sea. It’s the latest twist in the saga of the Adrian Darya 1, which had been known as the Grace 1 when authorities seized the vessel off Gibraltar on July 4, on suspicion of breaking European Union sanctions targeting Syria. The seizure came amid heightened tensions between the U.S. and Iran over the collapse of Tehran’s nuclear deal with world powers.